Maharashtra State BoardHSC Commerce 12th Board Exam
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State True or False with reason. New partner can bring capital in cash or kind. - Book Keeping and Accountancy

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MCQ
True or False

State True or False with reason.

A new partner can bring capital in cash or kind.

Options

  • True

  • False

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Solution

This statement is True.

As per the provision of partnership deed, when any person is admitted to the firm, he has to bring some amount as capital which can be in cash or in-kind of assets to get rights in the assets and definite share in the future profit of the firm.

Concept: Admission of a Partner
  Is there an error in this question or solution?
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APPEARS IN

Balbharati Book-keeping and Accountancy 12th Standard HSC Maharashtra State Board
Chapter 3 Reconstitution of Partnership (Admission of Partner)
Exercise 3 (Objective Type Questions) | Q 1. (C) 1. | Page 159

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